Cotton County, the flagship brand of Cotton County Retail Ltd, has sold 20 per cent of its stake, worth Rs 120 crore to Sequoia Capital. The amount is being pumped in to fund the company’s aggressive expansion plans.
With this move, Cotton County has planned to increase its outlets to 1,000 across the country by 2010, up from its current 500-store mark. For each store, Cotton County will invest around Rs 20 lakh, and will focus mainly on the women and kids segments in semi-urban cities.
Sequoia Capital has invested Rs 80 crore initially in convertible warrants and will invest Rs 40 crore more by the end of this year.